Chapter 10.I, Problem 5RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Principal Rate (%) Time Interest

____________________________________________________________________

$6,440 7 months _________

To determine

**To calculate:** The interest for the loan of

Explanation

**Given Information:**

The loan of

**Formula Used:**

The simple interest formula is *T* is the time period in years.

**Calculation:**

Consider the data provided as the loan of

When the time period is mentioned in months then to convert it into year just divide that month by 12

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